While the results of Study 1 replicate prior research showing that previous spending influences future spending behavior, it went one step further in decomposing the effects of the previous spending into the effects of acquisition liability and the effects of payment. We find that in addition to the acquisition episode, the location of the payment causes a large perceived impact of the spending and also causes a reduction in the propensity to spend in the time zone following the payment. Consistent with Soman’s (2001) speculation, the act of payment seemed to make the consumer “relive the aversive impact of the past payment and hence experience a temporary reluctance to spend” (p. 473).